Preparing accounts and reporting financial transactions correctly, whilst also complying with all the relevant rules and regulations, requires insight, knowledge and experience that have been accumulated by a business over the course of its trading.

This can be particularly resource-intensive, as market practices can frequently shift and require significant adjustments to your bookkeeping processes to compensate. When your financial department get overloaded, missed expenses and flaws in your records could lead to bigger problems further down the line.

Utilizing outsourced accounting services allows you to free up crucial resources within your business by removing pressures surrounding complying with the nuanced practice of accounting.

RSM BG can provide accounting services that implement the relevant accounting standards, statutory requirements, all the relevant industry standards, rules, and procedures for the various markets your business operates within.

Using our experienced specialists, RSM BG can extend its business accounting outsourcing and regulatory advice all the way to the estimation of cash flow and tax consequences of various treatments as required in each particular case. This can afford you a wider scope when considering the health of your business’ finances.

The accounting solutions and services provided by RSM BG include:

General accounting services:

  • Establishment and structuring of accounting departments
  • Initial structuring and reorganization of accounting systems
  • Compliance with the IFRS, NFRS for SMEs
  • Periodic reports to senior executive management
  • Financial analysis

Accounting for tax and tax due diligence

Based on information provided by management and their advisers, RSM BG Ltd. undertakes due diligence to cover the following:

  • Assessment of the adequacy of the taxation charges and tax provisions in the financial statements of the Company including subsidiary undertakings
  • Review and comment on all material risks and non-provided for liabilities arising from open current period corporation tax returns and prior periods under that are under enquiry
  • Assessment of the adequacy and timing of corporation tax payments
  • Comment on any other material corporation tax risk or liabilities that arise during the ordinary course of our review
  • Assess and comment on the use and availability of any tax losses available in the Company at the most recent accounts balance date

When RSM BG performs a corporate tax review, assessments are usually based on figures contained in the financial statements. Therefore, we cannot comment on tax liabilities that may arise as a result of omissions from, or misrepresentations within those financial statements. The adequacy of the latter is covered by other services in the portfolio.

Tax compliance:

Tax compliance services are generally provided to international clients who are interested in comprehending and arranging provisions for:

  • Deadlines, forms and reports in connection with the implementation of the Bulgarian tax legislation
  • Tax consulting services in order to optimize the tax dues

Employment, sales tax, VAT, excise tax and import duties

RSM BG is often assigned to undertake a high-level review of compliance with social security and health insurance contributions, VAT, customs duties reporting and accounting obligations, expenses and benefits, reporting obligations based on completion of detailed questionnaires and discussions with appropriate personnel.

Any material areas of risk or issues that arise during the course of the review will be highlighted and, where possible, quantified to provide the extent of any exposure. If appropriate, we can recommend areas where further work should be considered. RSM BG does not review underlying invoices or similar documentation.

Labour legislation and personnel

In the areas of HR, employment relations and payroll reporting, RSM BG provides:

  • Advice for the implementation of Bulgarian labor regulations
  • Accounting services in relation to the expenses for personnel salaries

These services are of special importance for international clients who expand into Bulgarian market who require assistance in understanding the nuances of local compliance requirements.

Accounting solutions to help you focus on what’s most important

Enlisting our business outsourcing support is a quick way to help your organization remain efficient behind the scenes while you concentrate on more pressing tasks: New clients, expansion – it could be anything.

For more information, call +359 2 987 55 22/33 or email [email protected].

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